Chicago wheat futures traded around $6.5 a bushel, having touched their lowest since April 13th below $6.4 on June 17th, amid oversupply concerns due to the prospect of growing production in the Black Sea area. Wheat exports from Russia, Ukraine and Kazakhstan are seen rising 5% in the 2021/22 marketing season. Elsewhere, the latest USDA report showed US wheat ending stocks in June were lower than expected. Wheat prices hit an over eight-year high of $7.8 per bushel on May 7th, supported by demand from the livestock industry in China.
Historically, Wheat reached an all time high of 1334.50 in February of 2008. Wheat - data, forecasts, historical chart - was last updated on June of 2021.
Wheat is expected to trade at 695.89 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 805.57 in 12 months time.